What’s Happening With Dogecoin?
In one of my articles titled Whaf If Dogecoin Goes to the Moon? , i predicted that Dogecoin will go to the moon (rise significantly in price) and this came to pass yesterday. According to CoinMarketCap, Bitcoin’s price has hit new all-time high of $64,863.10 causing altcoins to surge. Altcoins usually surge when Bitcoin’s value increases. According to Coindesk, Dogecoin’s price increased over 86.5% from its 24-hours low of $0.00759 to $0.14. This surge can be partly attributed to Tesla CEO Elon Musk who made several tweets about the meme currency over the past four months causing people to buy it, and some investors consider smaller cryptocurrencies such as Dogecoin as a cheaper alternative to Bitcoin, especially as a shorter-term investment. Musk has posted many humourous tweets about dogecoin, calling it “the people’s crypto.” He said in a Clubhouse discussion, “Occasionally I make jokes about Dogecoin but they are really just meant to be jokes.” This all started in 2018 when Dogecoin’s founder received a direct message on Twitter from Elon Musk. Musk was being plagued by “annoying scam spammers” and the software-engineer-turned-cryptocurrency-creator jackson Palmer had a solution. They exchanged messages and Palmer shared some computer codes that could help Musk.
According to CoinMarketCap, DOGE is trading at $0.1146 at the time of writing. Its market cap has increased to more than $19.10 billion, making it the 12th largest crypto.